Assertion (A): At the time of admission of a partner the goodwill already existing in the book of accounts, the goodwill is written off by all partners including new partner.Reason(R): When goodwill already exists in books at the time of admission, the existing goodwill must be written off by debiting the old partners in their old profit sharing ratio.a) Both Assertion (A) and Reason (R) are true. b) Both Assertion (A) and Reason (R) are false.c) Assertion (A) is true and Reason (R) is false. d) Assertion (A) is false and Reason (R) is true

Assertion (A): At the time of admission of a partner the goodwill alre

1.	Assertion (A): At the time of admission of a partner the goodwill already existing in the book of accounts, the goodwill is written off by all partners including new partner.Reason(R): When goodwill already exists in books at the time of admission, the existing goodwill must be written off by debiting the old partners in their old profit sharing ratio.a) Both Assertion (A) and Reason (R) are true. b) Both Assertion (A) and Reason (R) are false.c) Assertion (A) is true and Reason (R) is false. d) Assertion (A) is false and Reason (R) is true
Answer» Correct option is a) Both Assertion (A) and Reason (R) are true

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